have a sound knowledge of cost behaviour ie fixed costs‚ variable costs‚ semi-variable costs and sunk costs. Answer: Understanding cost behaviour helps manager in anticipation of changes in cost when there is a change in their activities like production‚ sales‚ inventory pile up etc. It provides good assistance in planning‚ cost management and decision making. A number of behaviour patterns exist ranging from fixed to variable and from linear to curvilinear. Many cost predictions techniques are
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proficient and probably ‘dumber’ human being of the 21st Century” The current developments in technological devices‚ media‚ education systems‚ medication and foods have created a claim: that they are the main contributors to the dumbing down of the human species of the twenty first century. This claim has created a controversy where some people agreed or disagreed that the surge of these factors has been negatively affecting the intelligence of human beings. This controversy began around
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units of output at a price of $4 each. Which of the following statements is correct? Any typo or mistake is on me. Any questions‚ email me. xgu@econ.rutgers.edu i) Marginal revenue equals $4. ii) Average revenue equals $100. iii) Total revenue equals $1‚600. a. b. c. d. i) only iii) only i) and iii) only i)‚ ii)‚ and iii) 4. For a certain firm‚ the 100th unit of output that the firm produces has a marginal revenue of $10 and a marginal cost of $11. It follows that the a. production
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COST OF PRODUCTION CONTENTS 1. Introduction 2. Types of costs 3.1 Opportunity‚ implicit and explicit costs 3.2 Fixed and variable costs 3.3 Average costs 3. Types of cost curves 4.4 Marginal cost curve 4.5 Average cost curves 4. Costs in Short run and in the Long run 5.6 Short run 5.7 Long run 5.8 Economies of scale 5. Cost analysis in the real world 6.9 Economies of scope 6.10 Experiential
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Decision Trees for Decision Making The management of a company that I shall call Stygian Chemical Industries‚ Ltd.‚ must decide whether to build a small plant or a large one to manufacture a new product with an expected market life of ten years. The decision hinges on what size the market for the product will be. Possibly demand will be high during the initial two years but‚ if many initial users find the product unsatisfactory‚ will fall to a low level thereafter. Or high initial demand might
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Abstract There are a lot of decisions that have to be made when running a business. One of those decisions is when to buy new machines or equipment or upgrade the machines or equipment that the business already has. Using analysis of the needs of the business and how the new equipment will help the business to function and the cost of the product will determine what the managers of the business decides. Marginal costs are change in total costs divided by change in output. Marginal revenue
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Opportunity costs The first opportunity cost that I made was choosing to enroll in a university that offers online courses or going to a traditional university that only has classroom style learning. The pros of attending online for me included not having to commute back and forth 40 additional miles per day‚ not having to hire a babysitter for my child‚ and I’d be in the comfort of my own home or environment to my liking when I studied. The cons included‚ not having that social connection to my
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Super Duper® Handy Handouts!™ Number 116 What is Down Syndrome? by Becky L. Spivey‚ M.Ed. What is Down syndrome? Down syndrome is a congenital disorder stemming from a chromosomal abnormality appearing in one of every 800 births. It is the most common genetic disorder affecting more than 5‚000 babies born in the United States each year. This syndrome occurs when one chromosome has an extra “part‚” an error occurs in cell division‚ or an extra chromosome exists resulting in 47 chromosomes. Most
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What a Diagnosis of Down Syndrome Means Today Down syndrome is a condition affecting many Americans and individuals across the world. It presents challenges socially‚ academically‚ and behaviorally. However‚ a diagnosis today is not nearly as detrimental to the person’s quality of life as it was decades ago. Strides have been made in Down syndrome awareness‚ education and overall acceptance. Screening is now available so that parents know in advance if they are going to have a child born with
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Cost Leadership: Any organization in order to survive in a highly competitive market should be able to achieve sustainable growth and profitability. Companies that have managed to reduce costs and understand the cost technology can obtain sustainable advantage as a cost leader. In order for any company to become a cost leader is important that the cost technology is understood and the five constituent steps are implemented and followed by the management. The five steps towards obtaining
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